Thread regarding Wells Fargo & Co. layoffs

The fact that our "embrace candor" leader goes all word salad when discussing giving the shaft to employees is why most of us loathe him.

This company would start recovering the minute the HY Mafia was fired.

Ironically, thanks to Golden parachutes it'd be the best outcome for them also.

Maybe the "Location Strategy" should be to shut down all NYC offices & their respective roles, all the way up to the top. That would save us ALOT.

@ozz+1oWdTxis. ....and wait until the end of December for their 401K match.

My location strategy is to get out of this company.

"...and those employees are being given the option to move or be laid off."

Maybe in tech, but in the vast majority of jobs across LOB there is no "option to move". That's how we know "location strategy" is nothing more than an excuse / PR spin to fire people.

you forgot to mention Bengaluru. as for the tech location guiding doc, while it lasts all the approved locations across all of tech it very clearly states that it is still very group dependent so while there may be 20 locations a group can chose from, a group may choose to only select 5. there are a couple CA locations on the list. but certain groups aren't in CA and those employees are being given the option to move or be laid off

We financed Hudson Yards. Bailing it out is in our interest. We’ll exit 150 E 42nd.

@1krv+1oWdTxis

The only core hubs are NYC and Hyderabad. Everything else will go. Just a matter of time.

Post ID: @mhm+1oWdTxis

Give it time. They can only get so many people in India and Philippines to take over those roles. WF has been hiring a cr-p ton of higher pay level roles over there that the word is out and those folks are waiting for those higher level roles. They adjust their resumes accordingly.

its pretty basic. live in a core hub site for wells or find another place to work, soon.

Many mundane manager and project management jobs are being replaced with software and AI. I don’t need an f’ing manager just to provide an update to he or she can relay it to their boss.

Deadwood’s start adding value and contribute in a meaningful way or start looking for a new career. Charlie is coming for you.

I’m sorry, location strategy? I don’t know what you are talking about.

Save the acting for the actors, dude.

Well said!

Any thoughts on why the Oregon/ Iowa collections shops haven't been offshored already? A lot of those folks are making $$$ since incentives were added onto base pay. But the job itself hardly resembles collections anymore... they basically just run a decision tool and set up some payment plans. Seems weird to me that they weren't laid off a long time ago.

@qwb+1oWdTxis

Companies do not offshore jobs to other countries out of the kindness of their hearts. Nor do they prefer to have call center type operations based in expensive US based locations. They are consolidating to areas that have various skillsets needed and where they can curb salary expenditures. It's all in the algorithm baby.

What are these "minority dominated" areas?

There is a co location strategy documentation. Search up “technology footprint guidelines” in enterprise confluence and they have a list of locations that are “core” or “specialty”, which LOB is allowed in that location, and which locations were closed down.

He knew what was asked of him on the call. He chose not to answer and instead discussed another talking point.

Just what exactly do they plan to put in the HY expansion?

he knows what "location strategy is." it is the shuttering of banks in low income areas (since they do not produce revenue). It is the shuttering of expensive CRE and salaries in high-cost areas and transitioning them to cheaper minority dominant areas who will get paid less, but they can tell you they are a proponent for equitable hiring. wake up and smell the coffee.

I had the same thought....CRE will be in the toilet shortly and worth 50% less than now. I see REITs that have holdings dropping that much due to recent sales dragging it all down. There is more to come there for sure. Buying any CRE at this point in time has to be one of the most obtuse actions I've ever seen.
Wait for the bottom, charlie!!

In 6-12 months we could have bought that Hudson Yards space for half the price we paid for it. There is literally no chance that it will be worth more during that time frame. It's highly likely it will wind up being a half billion dollar waste of money. Meanwhile, everyone else needs to pinch pennies.

I'm starting to think the HY expansion is another one of Charlie's failed attempts to make CRE look valuable.